Environment

The U.S. Can Become the ‘Saudi Arabia of Oil’ by 2020, Entrepreneur Says…But Is Obama Listening?

Harold Hamm is more than a little disappointed in President Obama.

The founder and CEO of Continental Resources—the 14th-largest U.S. oil company—had a few minutes of exclusive face time with the president at the White House recently, where he told Obama that America had enough oil within its borders to “replace OPEC.”

Obama was unmoved.

Continental Resources CEO Recounts Conversation With Obama

Gregory Bull/AP

“Oil and gas will be important for the next few years,” Hamm recalls the president telling him. “But we need to go on to green and alternative energy. [Energy] Secretary [Steven] Chu has assured me that within five years, we can have a battery developed that will make a car with the equivalent of 130 miles per gallon.”

“Even if you believed that, why would you want to stop oil and gas development?” Hamm asks in a Wall Street Journal interview. “It was pretty disappointing…President Obama is riding the wrong horse on energy.” Hamm adds that the U.S. could be “completely energy independent by the end of the decade. We can be the Saudi Arabia of oil and natural gas in the 21st century.”

But the gatekeepers are keeping those gates shut.

It’s an all-too-common entrepreneurial roadblock. Whether it’s small coal mine operators like Ronnie Bryant, who told The Blaze about shrugging like Atlas in the face of regulatory red tape, or big-time magnates like Hamm, the problem is essentially the same: A huge ideological wall separates America’s biggest problems from America’s best solutions. Hamm elaborates:

Washington keeps “sticking a regulatory boot at our necks and then turns around and asks: ‘Why aren’t you creating more jobs,’” he says. He roils at the Interior Department delays of months and sometimes years to get permits for drilling. “These delays kill projects,” he says…

The White House proposal to raise $40 billion of taxes on oil and gas—by excluding those industries from credits that go to all domestic manufacturers—is also a major hindrance to exploration and drilling. “That just stops the drilling,” Mr. Hamm believes. “I’ve seen these things come about before, like [Jimmy] Carter’s windfall profits tax.” He says America’s rig count on active wells went from 4,500 to less than 55 in a matter of months. “That was a dumb idea. Thank God, Reagan got rid of that.”

If that wasn’t enough, Continental and six other North Dakota oil companies were recently charged by the Obama Justice Department with the deaths of 28 migratory birds that allegedly landed in oil waste pits last spring; the maximum penalty for each charge under the Migratory Bird Treaty Act is six months in prison and a $15,000 fine, the AP said.

Not easy to swallow when, The Blaze reported, Obama’s beloved wind companies routinely kill more than 400,000 birds annually—and without a single fine.

“This shouldn’t happen in America,” Hamm told the WSJ, adding that it shows the current administration is “is out to get us.”

By all rights, the feds should be falling at Hamm’s feet. He discovered the Bakken oil fields of Montana and North Dakota that have pushed the U.S. into third place among world oil producers and could yield, Hamm says, 24 billion barrels:

If he’s right, that’ll double America’s proven oil reserves. “Bakken is almost twice as big as the oil reserve in Prudhoe Bay, Alaska,” he continues. According to Department of Energy data, North Dakota is on pace to surpass California in oil production in the next few years. Mr. Hamm explains over lunch in Washington, D.C., that the more his company drills, the more oil it finds. Continental Resources has seen its “proved reserves” of oil and natural gas (mostly in North Dakota) skyrocket to 421 million barrels this summer from 118 million barrels in 2006.

“We expect our reserves and production to triple over the next five years.” And for those who think this oil find is only making Mr. Hamm rich, he notes that today in America “there are 10 million royalty owners across the country” who receive payments for the oil drilled on their land. “The wealth is being widely shared.”

Speaking of North Dakota, Hamm and many other forward-looking businesspeople have been singing the state’s economic praises for quite some time. Hamm told the WSJ that the Obama administration should study North Dakota, which boasts America’s lowest unemployment rate at 3.5%, if it wants to get the U.S. out of its fiscal quagmire:

“We can’t find any unemployed people up there. The state has 18,000 unfilled jobs,” Mr. Hamm insists. “And these are jobs that pay $60,000 to $80,000 a year.” The economy is expanding so fast that North Dakota has a housing shortage. Thanks to the oil boom—Continental pays more than $50 million in state taxes a year—the state has a budget surplus and is considering ending income and property taxes.

Check out this video about the abundance of work and opportunity in North Dakota:

Hamm told the WSJ that if D.C. allowed more drilling permits for oil and natural gas on federal lands and federal waters, “I truly believe the federal government could over time raise $18 trillion in royalties”—which is more than the U.S. national debt.

Not a bad gig if you can legislate it.

Comments (193)

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  • The next to last american president
    Posted on October 3, 2011 at 5:31pm

    Oduma is interested in several things
    1. Damage America
    2. Please the radical greenie weenies
    3. Stop or hinder us being energy independent
    4. Use the EPA as a weapon against domestic oil and gas exploration
    5. Morally and fiscally Bankrupt America
    6. appease Union Thugs
    7. Goals of Black Ilberation Theology
    8. disrupt/destroy Military – Use Gays and Lesbians to make the righteous bend
    9 make the military a gay organization
    10. Praising Allah!

    Report Post »  
    • motonutt
      Posted on October 3, 2011 at 5:47pm

      Isn’t it rather obvious that Van Jones is still the white house front man for the Obummer energy policy.
      All his marxist spew is about GREEN GREEN GREEN. When you look at Van Jones you are looking at Obama. Personaly….when I see an ad for how green something is I will not buy it. I have told local business owners that I will not do business with you because of your “green” pandering. If enough of us would do that this crap would begin to fade out.

      Report Post » motonutt  
    • Snowleopard {gallery of cat folks}
      Posted on October 3, 2011 at 5:57pm

      Well put, could not have said it better.

      Report Post » Snowleopard {gallery of cat folks}  
    • Ookspay
      Posted on October 3, 2011 at 6:04pm

      Sarah Palin would get it done! Drill Baby Drill!

      Report Post » Ookspay  
    • turkey13
      Posted on October 3, 2011 at 6:08pm

      Come on folks – vote for obama next year. If re-elected he will finally by executive order put a $2 or $3 dollar tax like the Brits on gas. This will force us lazy Americans to start peddling to work on our bicycles. If he useses this tax to pay down our 15 trillion debt we can pay it off in 2or 3 years. If obama went after our resources – mining, shell oil, offshore drilling on federal land he would have to give it to big Democratic doners and it would only put 1.3 million folks to work. These people are doing fine on unemployment.

      Report Post »  
    • motonutt
      Posted on October 3, 2011 at 6:08pm

      Bottom line………I believe God has allowed Obummer to be put in place to bring the begining of the end.
      1. For the most part as a country we have turned our backs on God. If you are a Christian and read your bible you know what happens when a nation does that. ie. destruction and turned over to your enemies.
      2. Because of our weakness we will not be able to protect Israel. If we are able to protect Israel the end time battle will not happen. Russia, Persia, China, and the arab spring states will be emboldend by our weakness.
      Thus the battle of all battles that will lead to their destruction will begin. It‘s hard to watch because we see what’s happening, and there is not a lot we can do to stop it. Nor would we want to stop it.
      We want to be with the Lord the true King. It has to happen, and we may be here to watch it.
      What a show that will be…..

      Report Post » motonutt  
    • poorrichard09
      Posted on October 3, 2011 at 6:53pm

      Just imagine what the billions of $$$$ that go to the middle east could do if they stayed in OUR economy, being turn over and over buying goods and services and creating jobs.

      Report Post »  
    • TH30PH1LUS
      Posted on October 3, 2011 at 6:55pm

      @ motonut

      I’ve read the judgments of Revelation. I’m definitely interested in POSTPONING THAT. Look, I understand the desire to see Christ – but I take no pleasure in watching the deconstruction of America. I’m going to put my energies in fighting it. Not sitting idly by and just saying “oh well, it was inevitable anyway.”

      Evil triumphs when good men do nothing.

      Report Post » TH30PH1LUS  
    • motonutt
      Posted on October 3, 2011 at 7:30pm

      @TH3OPH1LUS…..If you want to “postpone” the 2nd coming of our King than you are not a Christian, or at least a carnal Christian at best. Tell me one place in the scriptures where even one of the saints want’s to put off the return of Christ? You can’t….read it again. satan and his demons want to put off the end, because they know what’s waiting for them when it does happen. Are you aligning yourself with them? You need to understand you can’t stop it. Do you believe that your light bulbs are causing climate change? It really isn’t all about you believe it or not.

      Report Post » motonutt  
    • 4truth2all
      Posted on October 3, 2011 at 8:10pm

      Yo Motonutt,
      You seem to have some idea of what is taking place… this is good
      Your putting yourself as judge concerning your statements toward “TH3OPHILUS and I found them rather arrogant and personally feel you own an apology. Paul struggled with being absent from the body and peresent with the Lord. This will come to it’s conclusion when the Lord says; not before and not after. ALL His saints should do ALL they can to make it ready and hope for more time to do such.

      Since your all the christian… lets see if you got what it takes to apologize….. and the Lord knows your heart !!!

      Report Post »  
    • TH30PH1LUS
      Posted on October 3, 2011 at 9:06pm

      @motonutt

      The Scriptures descibe it as the “great and terrible Day of the Lord”. The prophets saw it with dread. “Who can stand at His appearing?” a day of blackness of despair and the end of everything except those who belong to Christ.

      No, I do not wish to postpone the return of the Lord (as if I could). Neither do I wish for the end of the Age of Grace. Paul said he would give up his own salvation if it meant all Israel would be saved.

      In any case, my point is that it is not “spiritual” to sit on your hands and wait on the sidelines because you feel the end is inevitable. I would rather my Lord found me engaged in the fight, than “burying my talent”.

      Unlike MOST countries in the history of the world, we AMERICANS have the privilege and the duty to be INVOLVED in the destiny of our nation.

      If my position makes me “carnal” in your eyes – so be it. I know the ONE to whom I will give account.

      Peace be with you.

      Report Post » TH30PH1LUS  
    • motonutt
      Posted on October 3, 2011 at 9:22pm

      @4TRUTH….why should I apologise for speaking the truth? I made no judgement of TH3. I judged his statements. If you are not looking forward to the return of the Lord that is carnel. To not want the Lord to return so america has time to become great again is wrong thinking for a believer. The only statement I could see from a believer on not wanting the Lord to return is a missionary to have time to cast more seeds for more souls. I‘m american as it get’s. I have blood here since 1609. I love this country, but I am a Christian first. It goes God and country, not country and God. When you see Lord desending from the clouds and every knee will bow, you’re not going to be thinking about how great the U.S.A. is or was. I was trying to convey to him that he needs to worry about the things of God, not america. Now….. have you made a judgement of me and your comment about my faith being “all Christian” ? I do try, and I do fail. But thanks for your input. Also I cannot imagine Paul ever regreting the return, mabey Saul but not Paul. Paul faught the good fight and yearned to die (physical) to be with the Lord, and would miss the body being the church because he knew he was going to paradise, and the body would still be on earth suffering……that’s all.

      Report Post » motonutt  
    • motonutt
      Posted on October 3, 2011 at 9:33pm

      @TH3…Thank you. I took offence to you assuming I’m a do nothing, that’s far from the case. I carry a gun for a living. I have put my life on the line many times doing what I would hope would be for the good for God and country. I’ll be the first out there when the shooting starts trust me. I am ready and willing, literally. But it will be for “the body” not for America.

      Report Post » motonutt  
    • georgiavietvet
      Posted on October 3, 2011 at 10:32pm

      next to last american president………………… very well done. wish i had thought of it………………..

      Report Post »  
    • The10thAmendment
      Posted on October 3, 2011 at 11:22pm

      I just signed a lease contract with a Natural Gas firm and they are going to begin Hydro Fracking on my property. In my part of Ohio they believe there is a vast reserve and they are going to drill baby drill! There will be 3 wells on my land and I’ll receive 17% royalties as well as a monthly check signed in 5 year blocks. I have 14.4 acres of land, and they are even putting an access road back to my shooting range and barn at no cost to me. They wanted to only put 2 on at first because they didn’t want an eyesore that was visible from the road. I laughed myself blue over that and told them I’d wear it as a badge of honor. They smiled and made it 3 wells, and one just for the eco jerks that live out my way to have a heart attack over!

      Report Post » The10thAmendment  
    • The10thAmendment
      Posted on October 4, 2011 at 1:15am

      @ motonutt
      Posted on October 3, 2011 at 7:30pm

      @TH3OPH1LUS…..If you want to “postpone” the 2nd coming of our King than you are not a Christian, or at least a carnal Christian at best. Tell me one place in the scriptures where even one of the saints want’s to put off the return of Christ? You can’t….read it again. satan and his demons want to put off the end, because they know what’s waiting for them when it does happen. Are you aligning yourself with them? You need to understand you can’t stop it. Do you believe that your light bulbs are causing climate change? It really isn’t all about you believe it or not.
      ——————————————————————————————————————————————–
      Say WHAT? As a Christian we should be praying that the Lord would stay his hand of vengeance and judgment.

      We’re given examples of asking the Lord to spare with Lot, and with Jonah. I’d suggest you go read the Bible. Start by reading Genesis 18: 20-32.

      As Christians our greatest desire should be that God will withhold His fierce wrath and give us some more time to reach just one more soul, and lift them from the wine press of the wrath of Gods anger. But I guess the Great Commission doesn’t apply in version of Christianity.

      Report Post » The10thAmendment  
    • dmar003
      Posted on October 4, 2011 at 2:16am

      I live in North Dakota, there are jobs everywhere. We could get the army corp of engineers to build the homes that we need. I wish Obama would pull his head out of the sand and help us be the next “Saudi Arabia”. He won’t because he is making too much money over seas. This way he keeps the “green people” happy. He also keeps the environmentalist happy too. Just think if we would drill our own oil we would get the gas prices go down, maybe less than two dollars a gallon,(that would be nice).

      Report Post » dmar003  
    • ashestoashes
      Posted on October 4, 2011 at 4:09am

      Obama’s goal is to establish a caliphate..He sees himself as being the chief calihator.The Muslim Brotherhood established Hezblooah and Al kada. When the Muslima Brotherhood assasinated Anwar Sedat. Obama gave a speech in Cairo. His confidantes feared the Musllima Brotherhood who killed Sedat. Obama said to invite them to his speech. He looked right at them at toward the end of his speech and said in Aramaic…I am one of you. I just saw agenda 21 THe plan is to take down our population by getting riid of millions of us. In Mississipi when the flooding came down..they bombed the leviis saying tthat it was to relieve pressure. It was acttually to destroy the farm lands which they did with salt water.Thei rplan is to destoy the agriculture and starve us with food that will fatten us,but will have no nutrition. If we grow ou own gardens and sell. they will fine us one million for every person we sell too. Obama has demolishel 95% of our constituition. Elena Keagan whom he appointed to the Supreme Court, represented him I believe 8 times of his legitamacy. SHe has been responsible for upholding Sharia Law in Arab countries. and that is her mission here. They are most probably waiting for the riots in the streets to impose Marshall Law. WE need a Constutionalist for President. Most in Congress but not all are NWO. THat is why they are doing nothing to get rid of him. If you are against the NWO your name is in a data base. WE have a dictator.

      Report Post »  
    • realindependent
      Posted on October 4, 2011 at 4:31am

      enough lies beck. us has 2% of the worlds oil supply and we use 33% of it. we cant drill here drill now our way out of it. enough oil! haven’t we had enough wars and squabbles in our history over oil. we are the greatest nation in the history of man kind. we went to the moon. let get off of oil once and for all. lets invest in battery technology and do this. YES WE CAN!!!!!

      Report Post » realindependent  
    • SpiderPig
      Posted on October 4, 2011 at 6:51am

      @REALINDEPENDENT You mistate the facts. Yes, the US has about 2% of the world’s available drillable oil in reserves. However, if you factor in shale oil reserves, the US, has between 5 to 10 times more oil than Saudi Arabia. And with the rising costs of oil, extraction of shale oil will become just as economical.

      Now I agree, we cannot just rely on oil and natural gas, we need other alternatives. If we can develop an economical battery that will run on the equivilant of 130 mpg, and can hold a charge longer than 500 miles, I am all for it. If we could harness renewable energies, such as wind, solar, and water more cost effective, I will jump onto that bandwagon…

      Report Post » SpiderPig  
    • Detroit paperboy
      Posted on October 4, 2011 at 9:20am

      Obama could not open and successfully run a donut shop .period

      Report Post »  
    • DanWesson455
      Posted on October 4, 2011 at 10:27am

      Some think there is more than mentioned in this story: http://www.nd.gov/ndic/ic-press/bakken-form-06.pdf
      History of Bakken Oil Generation Estimates
      A landmark paper by Dow and a companion paper by Williams (1974) recognized the Bakken as a tremendous source for the oil produced in the Williston Basin. These papers suggested that the Bakken was capable of generating 10 billion barrels of oil (BBbls). Webster (1982, 1984) as part of a Master’s Thesis at the University of North Dakota further sampled and analyzed the Bakken and calculated hydrocarbon generation capacities to be about 92 BBbls. This data was updated by Schmoker and Hester (1983) who estimated that the Bakken was capable of generating 132 BBbls of oil in North Dakota and Montana. Price (unpublished) used a more complete database and estimated that the Bakken was capable of generating between 271 and 503 BBbls of oil with an average of 413 BBbls. New estimates of the amount of hydrocarbons generated by the Bakken were presented by Meissner and Banks (2000) and by Flannery and Kraus (2006). The first of these papers tested a newly developed computer model with existing Bakken data to estimate generated oil of 32 BBbls. The second paper used a more sophisticated computer program with extensive data input supplied by the ND Geological Survey and Oil and Gas Division. Early numbers generated from this information placed the value at 200 BBbls later revised to 300 BBbls when the paper was presented in 2006.

      Report Post » DanWesson455  
    • drphil69
      Posted on October 4, 2011 at 11:24am

      @Realindependent… We went to the moon! (because of oil) I see you buy the “we only have 3%” BS. Libs LOVE to use the silly “proven” reserves… which doesn’t count anything but wells that are actually producing oil… SO THE GREEN MORONS PREVENT US FROM DRILLING THEN TELL US WE DON’T HAVE THAT MUCH OIL BECAUSE THEIR MEASUREMENT IS ONLY FOR PRODUCING WELLS!

      I got a suggestion – try not using any oil… see how that works. Now, you cant buy anything at the market, as it got there using EVIL OIL. Food? Nope, farmers use tractors that use EVIL OIL.

      Why don’t the flat earth no growth MARXISTS go to the EU or Asia where they will be welcomed! Why do they have to ruin the LAST HOPE ON EARTH FOR FREEDOM?

      BE PREPARED.

      Report Post »  
    • motonutt
      Posted on October 4, 2011 at 11:41am

      @WALKYRIE….TR3 and I had a misunderstanding of each others comments. I believe we worked it out. I can see through his later comments that he does have a heart for truth and the Lord.
      You on the otherhand when you start out your spew by calling me a christian c**k sucker shows me your heart and that your knowledge of the bible could most likely fit on the top of your pin head.That’s all….

      @THE 10TH…..You obviously did not read my entire comment at the end…I stated that the only reason a Crhistian should want to stave off the 2nd coming would be to help God win more souls prior to judgement. so actually we agree. Please read my entire comment prior to your debate.

      Report Post » motonutt  
    • 4truth2all
      Posted on October 4, 2011 at 8:54pm

      Yo Mutonutt:
      “Great peace have they that love they law that nothing should offend them” (Psalm 119:165).
      People want to say that christians are weak…try to live up to that one. You, in your own words said that you spoke in your offence. I have done this also; not wise. If you had not taken offence you might have understood what “TH30…” meant, and what you said was quick and unkind. I stand by what I said… no offence or judgement of your heart. I have read posts from this individual and all have been scriptual, intellegant and gracious. The responce back to you is an example. So often people talk AT others here instead of converse. Another verse…do not consider yourself better than others. Maybe a few questions would have cleared the issuse and no judging of ANY kind would have been necessary. You accused of not being a christian or at best a carnal one, and being in agreement with the devil and his buddies, that is strong language,and you got all this from 4 lines of type? I do not say this to condem you. We as christians need to raise our standard and I am only trying to help.I meant no disrespect to you and if you mis-understood I apologize. If my kids said what you said to another I would tell them that they need to go and apologize.We as christians seem to forget the word.. humility!
      Takes a man to first admit he is wrong and than to say so…. this was and is my point…. blessings

      Report Post »  
  • I SPY
    Posted on October 3, 2011 at 5:30pm

    Slowbama is only interested in destroying the nation, not building it into the grand empire that it once was.

    Report Post » I SPY  
    • SLAPTHELEFT
      Posted on October 3, 2011 at 5:35pm

      Are we stupid?

      Why would a wanna be dictator allow the country he wants to rule achieve energy independence under a capitalist system? Chavez nationalized his county’s oil industry. This is the same playbook. The article asks if Obama is listening? Maybe he is. And his greedy friends are listening. they already knew the fact. Problem is we have to many morons voting to enslave themselves to ever achieve the ultimate goal- energy independence.

      Yeah, we’re stupid.

      Report Post » SLAPTHELEFT  
    • RIGEL_ORION
      Posted on October 3, 2011 at 11:41pm

      In Obama’s mind, the United States owes the world all of its wealth. Us sending hundreds of billions of dollars overseas each year is what he considers justice.

      The climate change agenda he so desperately wants to implement isn’t about saving the planet. Its about re-distributing the rest of America’s wealth to the other 3rd world countries that he sees as colonial victims.

      Report Post »  
    • ashestoashes
      Posted on October 4, 2011 at 10:11am

      @RIGEL ORION “ Obama wants to redistribute the wealth to 3rd world countries” .This infiltration of our country goes beyond what we can imagine, Yes they are using the “Climate Change” to line their pockets only. In college, before gas prices skyrocketed , environmental textbooks were touting that 3rd world countries wanted our standard of living, so we were going to have to pay higher fuel prices. My fear has been that we would be selling our oil to other countries, but I’m sure you are right. The foreigner in office is going to send it to his home lands. I just learned that he had sent 20 million to Kenya to implement Sharia Law. The tarp funds went to Sharia :Law compliant bankers, as well as to the buying out US companies. We have been taken over without firing a shot. Sharia Law/Islam/Communism are inter related.They say that when Islam has conquered the world..that there will be peace. WIth Islam there will never be peace. You must serve them physically or monetarily. A doctor told us last night, he has seen slaughter in Christian churches throughout the middle east. He said that one family whom their gov. thought hadn’t been paying enough, invited them for dinner. When they remarked how tasty the meat was…they told them “you are eating your 12 yr old son. These people are demonic. The ones who don’t read the Quran are secular..like Christians who don’t know much about Christianity. Arab Spring .remove them, replace with srict Sharia Law advocators,

      Report Post »  
  • pamela kay
    Posted on October 3, 2011 at 5:29pm

    Bravo Blazers, your comments are great on this subject . I enjoyed each one. Kudos!

    Report Post » pamela kay  
    • jb.kibs
      Posted on October 4, 2011 at 12:40am

      here’s one.

      Has anyone tried fighting fire with water? it works…

      Report Post »  
  • SFALLC
    Posted on October 3, 2011 at 5:25pm

    As and independant producer who is involved in the Bakken and Several Shale plays I have to agree.
    The issue for most of us is the lack of access to capital, the limit on where we can drill and the regulations (EPA) that are driving up our costs and making it impossible to work.
    The best place to invest is oil, gas and other commodities. Invest in jobs, invest in energy security, invest into our families future.
    The Chineese are buying up our reserves fast along with the entities from India. With out access to capital companies like mine will have to sell inorder to keep alive.

    Report Post »  
    • booger71
      Posted on October 3, 2011 at 6:50pm

      You are absolutely right. I had a question, when I was a Consulting Geologist, I was sitting a well for Chevron in the Williston Basin(Red River Test). After we drilled through the Bakken, we had a blow-out and had the prettiest greenish-black oil flowing over the shale shaker. This was in 1980 and as far as I know the first well that proved the Bakken might be a producer. Does the Bakken play have flowing oil, does it require fracking, just curious.

      Report Post » booger71  
    • saranda
      Posted on October 3, 2011 at 8:27pm

      It requires very serious fracking. Check out the Canadian side of the border and see how many companies have sold their interests in the Bakken play due to the technical nature of the wells. Crescent Point Energy is the best of the lot, but they admit it took them many tries to learn how to successfully produce from the Bakken. That said the wells will produce for a very long time when done right.

      Report Post »  
    • SFALLC
      Posted on October 3, 2011 at 11:02pm

      You cannot compare the Candian side to the American side. The farther south the oil is thinner. Yes we have to frac but that ensures a greater success and there are areas we don’t have to. We had a recent well with 1500lbs pressure behind it. The oil comes out from an API 42-44. That is light and sweet (low sulfur and low in metals) . The company has found several other areas with similar oil and gas charateristics. Later this week Western Geo. is coming out to do a new survey for us.

      The company is private and we find the biggest hurdle is raising money for operations. A well costs us $5-10 million to put in and banks wont lend to a private company because we are not rated.
      Now, if we sell the company and go public we have all the money we need but then we would no longer own the company that is what we call the lie of equity. So we battle on.

      Report Post »  
    • SFALLC
      Posted on October 3, 2011 at 11:07pm

      First off you can not compare the US side to the Canadian side of the Bakken. The farther South the thinner the oil. Yes we do have to frac but that is only in the bakken. In the Lodgepole region we do not have to frac. Additionally we have found oil in some new areas but they are being kept quite until after we drill some new test wells

      The hurdle for American oil is Capital to build up the infrastructure, expand drilling programs, and develop an intermodal system that supports the expansion of US reserves. We have the oil and gas, but no way to ship it efficiently.

      Report Post »  
    • RIGEL_ORION
      Posted on October 3, 2011 at 11:51pm

      If the next administration was to simply suspend all EPA rules and greenlight the rapid expansion of the oil industry in the Bakken, how many jobs would you estimate would be created?

      America NEEDS jobs. So while the President goes on his cross-country B.S. tour touting a tax hike bill in stimulus clothing, where are the candidates declaring to the public how many jobs they could create immediately without spending a dime?

      You offer Americans 100,000 jobs paying $60,000 or more a year and the majority of the country will tell the progressives to shove it when they start their predictable ‘Big Oil’ argument about drilling for anything.

      Report Post »  
    • saranda
      Posted on October 4, 2011 at 5:33pm

      SFALLC – would you consider a joint venture partner who puts up the capital in exchange for payback and a percentage of production?

      Report Post »  
    • booger71
      Posted on October 4, 2011 at 7:37pm

      Good luck in your venture. I miss being out there.

      Report Post » booger71  
    • SFALLC
      Posted on October 5, 2011 at 11:39am

      SARANDA, typically we bring investors into an investment directly in the oil reserves. This is a hybrid VPP (Volumetric Production Payment) structure. Investors are buying into the reserves at a fixed price and volume. A floor is built into the investment to ensure the value never goes below the invested amount. As the price of oil rises the value rises, and from production we redeem the investment and pay the upside to the investor. There too is a kicker to ensure a return even when the price goes down, this is from production.

      Large banks invest into oil and gas this way and it is never offered to private investors. Why, because if there was a ver low risk investment with very good returns why would they give that to everyone. Look up the VPP it will open your eyes.

      As for the market, when stocks go down investors dump commodities to cover their losses in the stock market. This drives the price of the commodity down. When it bottoms like now then the price goes back up in value where it should be.

      Pay attention to what is about to happen in the global oil and gas market. The US is about to start its first round of exporting oil to Europe. I am intimately aquainted with this.

      I think Glen needs to set up a business exchange. A place were we can exchange ideas, communicate to each other, and openly discuss issues and help each other. Not like a linkedin but a truly focussed exchange for development, a cross between a facebook and Linked in.

      Report Post »  
  • stage9
    Posted on October 3, 2011 at 5:24pm

    Of COURSE HE ISN’T LISTENING! Are we still naive enough to think that Obama wants to “save” America? C’mon folks…

    Report Post » stage9  
    • Darla_K
      Posted on October 3, 2011 at 8:55pm

      I agree. We must take our Country back from Barry and get someone in that is for the people of this country. This country is going to hell and we must get back in control very soon unless we want to go into the abyss that this devil is planning for us. We must get him out with his spawn breeding nothing but evil. This country can be great again. I have faith in the people that are good and honest Americans that work hard for our freedoms.

      Report Post » Darla_K  
  • tobywil2
    Posted on October 3, 2011 at 5:24pm

    President Obama is only interested in projects that reward his political cronies and deplete our nation’s wealth. This project seems to be directly opposite to his objectives. http://commonsense21c.com/

    Report Post » tobywil2  
  • TomFerrari
    Posted on October 3, 2011 at 5:23pm

    Our government was designed to be the DEFENDER of our freedoms.
    Instead, progressives like the socialist obama, have made government into COMPETITION for our freedoms and our jobs. Government was NEVER intended to COMPETE with the private sector, but rather to PROTECT it.

    These intellectual elitists just don’t get it.

    I guess the party of LOGIC and FACT already had all the TRUTH, so all that is left for their party is to take the OPPOSITE stance on everything, and twist it with hyperbole and intellectually elite LIES.

    Report Post » TomFerrari  
    • mr.goodvibe
      Posted on October 3, 2011 at 8:44pm

      To your point. Compete. They suck at it. GM ( Gubment Motors ) sold a whopping 700 Volts in Aug.

      Report Post » mr.goodvibe  
  • TomFerrari
    Posted on October 3, 2011 at 5:20pm

    Everyone has gone into “hang on and wait” mode.
    NOBODY is going to do any major investing until this socialist is our of office along with all his ideological cronies. Everyone has buckled down, cut costs, and is just hanging on for dear life, until the nightmare is over.
    There will be no significant improvement in jobs for the next year. A few may start investing as election approaches, IF, and I repeat, IF, they are certain that obama CANNOT and WILL NOT be re-elected. In that case, they may jump the gun to be “first in”.
    The new President will have to be prepared ON DAY ONE, to fire every single obama appointee. If the obama socialist appointees are wise, they will start sending out resumes to harvard and berkeley now, before all the socialist JOBS are gone.

    Report Post » TomFerrari  
    • OhioRifleman
      Posted on October 3, 2011 at 5:32pm

      I find myself glad I am capable of doing, not simply teaching, or I believe I may be competing with these maggots for jobs space.

      Report Post » OhioRifleman  
  • liberalsarealiens
    Posted on October 3, 2011 at 5:18pm

    Of coarse he knows that but it is in direct conflict with his agenda of DISTROYING the US economy! How else can he fundamentaly change this country?

    Report Post » liberalsarealiens  
  • Smokey_Bojangles
    Posted on October 3, 2011 at 5:18pm

    The Government sponsored religion of Al Gore will prohibit domestic oil production.Might kill a sand flea or something.

    Report Post » Smokey_Bojangles  
    • TennesseeConservative
      Posted on October 3, 2011 at 5:32pm

      Green energy that He is touting is a myth. It is not viable, I have considered it all. The initial cost is very high, and maintenance is very expensive. As an E.E. I know this is a fact. See T. Boone Pickens, as an example of empirical evidence. Been there done that. There are very promising technologies out there, but big business wont allow them, things that really work. After all it would put alot of people out of work. So lets get our own oil and gas, and make it cheap for America.

      Report Post » TennesseeConservative  
    • Walkabout
      Posted on October 3, 2011 at 6:10pm

      AT TennesseeConservative

      “Green energy that He is touting is a myth. It is not viable, I have considered it all. The initial cost is very high, and maintenance is very expensive. As an E.E. I know this is a fact. See T. Boone Pickens, as an example of empirical evidence. ”

      I have not seen T.Boone Pickens on recently. That may be why. It doesn’t work.

      I do believe alternative energy works. But it should be brought about by the market not the government. I don’t believe that wind could be base load anywhere in the near future.

      What is being kept from the public?

      Report Post »  
    • UnreconstructedLibertarian
      Posted on October 4, 2011 at 9:45am

      Alternative energy sources should have to compete, toe to toe, with existing energy sources. That is the incentive for the “alternative” entreprenuers to innovate and provide their technology at a competitive price to existing technology.

      Instead, we have government intervention that waffles from one side to the other depending on what overriding idealogy prevails. Both situations are rediculous and waste resources in both human and material capital. It encourages waste and delay by virtue of “Government subsidy”, a teat that neither wants to be knocked off of. The Oil companies don’t want to lose their tax breaks anymore than the “greenies” want to lose their technology grants.

      Government should get the heck out of the way in both cases. Let both bring their product to the market and suffer the consequences of the “dollar vote” – rather than bowing to the throne in the White House for protection.

      Report Post » UnreconstructedLibertarian  
  • BigPaulie
    Posted on October 3, 2011 at 5:17pm

    Obama and his idiot leftist friends and supporters are the enemy, period. They need to be defeated and their ideology swept aside. Only after this has been accomplished can our country become prosperous again.

    Report Post »  
  • Lion420
    Posted on October 3, 2011 at 5:14pm

    Our president is a foreign national and an enemy of this country. Why in God’s name, do we sit around and take it?

    Report Post » Lion420  
    • ACLUHater
      Posted on October 3, 2011 at 5:20pm

      Because half of the voters are uninformed. They just vote on emotion rather than logic. Some are just plain illiterate.

      Report Post »  
  • Deckle
    Posted on October 3, 2011 at 5:13pm

    Another reason for a new president in 2012!

    Report Post »  
  • Czar Kasim
    Posted on October 3, 2011 at 5:11pm

    Tired of working hard, only so your hard earned
    Money goes to someone that did not earn it?
    Send a message to Washington.
    April 13 2012
    Take the day off.

    Report Post »  
    • pamela kay
      Posted on October 3, 2011 at 5:23pm

      It is not fair for those of us that work to have to pay for the ones that make no effort to do the same. This president encourages people to be dependent on our government . It is part of the progressive agenda.

      Report Post » pamela kay  
  • Exrepublisheep
    Posted on October 3, 2011 at 5:10pm

    People don’t realize oil pumped here goes for sale on the world market, to the highest bidder. Drill baby drill will only add to the oil companies cash flow, and do very little for Americans. That’s why oil from Texas is sold at the pumps for the same cost as oil from the middle east.

    Report Post » Exrepublisheep  
    • I.Gaspar
      Posted on October 3, 2011 at 5:17pm

      Give it a rest.
      If we produce it and we buy it, the Arabs won’t hold power over us, regardless of the price, and the extra production will take a good deal of air out of the oil balloon.
      Obama is wrong, the EPA is wrong. End of story.

      Report Post »  
    • Walkabout
      Posted on October 3, 2011 at 5:20pm

      If enough is pumped, it will affect prices.

      Cost of transportation is also a factor in where oil ends up. transportation of oil is not “frictionless”. Of The U.S. can meet its’ own demand by producing 90% or more of what it needs, the world prices will go down.

      Or would you rather we pay higher prices so we are on our knees & the Saudis are the masters.

      Saudis increased production in the 80s in a strategy to hasten the fall of the USSR. If an increase in their production can lower prices , than a significant increase in our production can lower prices & help out trade balance.

      I find you constant nay saying both refreshing & hopeful. I know you are bothered by the truth.

      Have a nice day :)

      Report Post »  
    • JRook
      Posted on October 3, 2011 at 5:20pm

      I agree with you only in the sense the oil companies will not develop the US reserves and flood the market with oil. So the point is right answer, wrong question and wrong villain. Obama is not more capable of altering what oil is drilled for or processed anymore than Reagan, Bush Sr. or Bush Jr. was. The big oil companies have no interest in increasing the supply of oil or gas. That’s why there are over 100 Gulf drilling permits that have not been acted on and why there are no additional refineries being built. No doubt supply and demand would tell us that a dramatic increase in the supply of oil identified by the source would drive the price of a barrel back to the cost of production like other mature products or services. Which I believe is around $40 per barrel. Where would anybody even remotely believe that big oil would act in the best interest of the US, particularly if it is in contrast to their own interests. The global oil companies are citizens of no country and support themselves and the pure pursuit of wealth. There was a time in this country when that was not true of a good number of large corporations.

      Report Post »  
    • IntheKnowOG
      Posted on October 3, 2011 at 5:23pm

      You do not understand basic economics. The products final point of sale is irrelevant when considering the origination point for wealth creation. Three words should sum it up for you (if your not completely zombified by lefty kool aide), “Made in China”.

      Report Post » IntheKnowOG  
    • flagman texas marine
      Posted on October 3, 2011 at 5:28pm

      It’s a (oil) global market
      Just like everything else we produce and sell

      Report Post » flagman texas marine  
    • rs9
      Posted on October 3, 2011 at 5:37pm

      For every job in the actual oil fields there are about 100 ancillary jobs, engineers, pipe fitters and maunfacturers, mechanics etc. Hey moron lets put people back to work right here in our own country.

      Report Post »  
    • SLAPTHELEFT
      Posted on October 3, 2011 at 5:39pm

      So whats your solution mr. wizard? Lets go the forum is yours. Come on give it to us mr. university. You do nothing here. you are a joke. Your a plastic banana. Crawl back into the shadows and let adults conversate.

      go back to the daily kook. Tool.

      Report Post » SLAPTHELEFT  
    • Awakened One
      Posted on October 3, 2011 at 5:41pm

      More oil in the market, any market, drives the price lower. Look into the workings of supply and demand and you won’t be so cynical. Consider also, with a sufficient domestic supply, no foreign despot can blackmail the US with oil cutoffs.

      Herman Cain for President, Newt Gingrich for VP, Ron Paul for Treasury Secretary, Sarah Palin for Energy Secretary and John Bolton for Sec of State.

      Report Post »  
    • Walkabout
      Posted on October 3, 2011 at 5:47pm

      At Awakened One

      Nice ticket & cabinet

      Report Post »  
    • SLAPTHELEFT
      Posted on October 3, 2011 at 5:48pm

      Jrook- you too are a joke. Hey I have an idea, lets just redistribute the oil. Maybe just nationalize so you can have your share of the profit, yeah!!!!!!!

      Do you do anything? Are you a college professor? You seem to have empty logic, but its bordering on moronic. Do you own a car? A house? A job? anything remotely independent? Do you live with mama? You are the problem- not oil companies. you love the delta smelt- I love freedom from tyranny. you love filthy hippies- I love entrepreneurs. You like to go to pot smoking protests- i go to work to pay your welfare you little leach.

      Youll be wandering the streets one day with nothing to your name. Get out of our way you little crybaby. Please extradite yourself to a third world dictatorship and live the rest of your life in a marxist utopia.

      Report Post » SLAPTHELEFT  
    • SLAPTHELEFT
      Posted on October 3, 2011 at 5:52pm

      sheep and jrook

      Robert mugabe is fast tracking new immigrants. Zero wait for Americans.

      Get to the airport two hours early for your police state anal exam.

      Report Post » SLAPTHELEFT  
    • Ookspay
      Posted on October 3, 2011 at 6:09pm

      18 trillion in royalties to The US Treasury, even if sold on the world market. Start sucking that stuff out of the ground, the earth makes more every day!

      Report Post » Ookspay  
    • Exrepublisheep
      Posted on October 3, 2011 at 6:13pm

      @slap. Your collar is on too tight. Tell Koch bros, Mr Koch SIR, to you, to loosen it up some. And I hear Mugabe is very wealthy, shouldn’t you be guarding his front yard? AHHH, you’re a backyard type. Sorry.

      Report Post » Exrepublisheep  
    • Exrepublisheep
      Posted on October 3, 2011 at 6:23pm

      @Awakened one. It would lower prices, slightly. BUt to compete with Saudi Arabia we would have to use slave labor like they do. As for being protected from “Oil terrorism”, we would only be protected if domestic producers agreed to only sell to the the U.S. That would mean not selling for the top price and ending free trade for oil producers. A hit to their profits so it would take the government to force them to only sell domestically… See where this is going? It’s not simple by any means. So drilling still only works for the corporations.

      Report Post » Exrepublisheep  
    • Walkabout
      Posted on October 3, 2011 at 6:28pm

      At Ookspay

      I’ve heard that theory. Rush repeated it. I could see that happening on the sea floor with all the detritus drifting down. I could definitely see it. I don;t see it happening so much in rock below a continent.

      Report Post »  
    • booger71
      Posted on October 3, 2011 at 7:50pm

      Bush Sr. or Bush Jr. was. The big oil companies have no interest in increasing the supply of oil or gas. That’s why there are over 100 Gulf drilling permits that have not been acted on and why there are no additional refineries being built.
      —————————————————————–
      That is because of environmentalists file lawsuits at every-turn. When I was a consulting geologist in the Rocky Mtn area, the so called “Friends of the Earth” were protesting, picketing, and filing lawsuits at the drop of a hat. They did not stop the drilling, but they sure as heck added to the cost of drilling with their nonsense.

      Report Post » booger71  
    • JRook
      Posted on October 4, 2011 at 10:21am

      @SLAPTHELEFT If your old enough go hit your wife or girl friend or kick the dog. Your rant is both moronic and pitiful. You understand nothing about the impact of oligopolies. It is very clear from any number of areas, defense spending, health care spending that we have the best politicians and policies that money can buy. The point being the big oil has more than enough money to buy approvals for drilling permits anywhere in the world, including the US if they wanted to. You are a great example of why every citizen should hot have a vote.

      Report Post »  
    • JRook
      Posted on October 4, 2011 at 10:26am

      @booger71 Not dismissing that as a factor. Impact of environmental groups need to be moderated to say the least. But as you said it did not stop the projects but increased the cost. As we all have seen lack of supply whether manufactured by OPEC or not has significantly increased the price of oil and gasoline. The question is not that the cost of drilling or constructing a refinery has gone up at the margin, the question is why are the companies not pursuing significantly more supply. That is the key question, that is the behavior that has to be looked at. The other issues are smoke around a more basic factor. Supply and Demand.

      Report Post »  
  • jakartaman
    Posted on October 3, 2011 at 5:10pm

    No No – the world will melt with all the carbon.

    This is why Palin needs to be in the next Government – If nothing else secretary of Energy.
    Ist job – abolish the EPA. drill baby dril

    Report Post »  
    • CatB
      Posted on October 3, 2011 at 5:13pm

      Agree .. DRILL BABY DRILL …

      A wealthy America full of wealthy Americans is exactly what Obama doesn’t want!

      TEA!

      Report Post »  
    • pamela kay
      Posted on October 3, 2011 at 5:27pm

      I like that idea. Palin could turn things around for us. As president, I am not so sure. I love Palin but I think that she could serve her country better if not the president.

      Report Post » pamela kay  
    • momprayn
      Posted on October 3, 2011 at 5:34pm

      Always been a Palin fan since she ran with McCain – I have had “Palin 2012” t-shirts, bumper stickers for over a year. She‘s still my first pick and I haven’t given up on her getting in — she’s always been unconventional but has great political instincts & knows what she’s doing. Think she’s the best one for the energy problem, the corruption problem (even in her own party like she did in Alaska) – she really did a great job with cleaning all that up & has no fear doing what she thinks is right & constitutional & could care less about “pc” like most of the others. We really need a super courageous “out of the box” type since we are in the most dangerous time in our history. Also think it won’t be Obama running – think Hillary. Then it would make more sense to have another strong, popular woman – no sexist stuff or vetting to worry about — they’ve done everything they can to her already. So…I’m waiting…we’ll see.

      Report Post »  
    • rs9
      Posted on October 3, 2011 at 5:51pm

      What scares all of them about Palin is that two months in as president she would walk out of the front door of the white house and gather the media to say Do you people know what these corrupt bastards are doing behind your back? and then lay it all out for everyone to see. corrupt bastards=the congress and all politicians on both sides, she’s done ot before.

      Report Post »  
    • Chuck Stein
      Posted on October 4, 2011 at 2:04am

      Energy? I think that sarah would do better as Secretary for the Department of the Interior. That would make the envrio-whackos flip — Sarah Palin sending out invitations to oil companies encouraging them to “Drill, Baby, Drill!”

      Report Post »  
  • copatriots
    Posted on October 3, 2011 at 5:08pm

    Now how will we re-distribute the wealth around the world if we produce our own oil? I have yet had anyone explain why it is okay for the U.S. to finance deep water drilling off the coast of Brazil yet the Fed essentially shut down drilling in the Gulf.

    Report Post »  
    • liberalsarealiens
      Posted on October 3, 2011 at 5:23pm

      So Soros can have his deep water drilling rig. There are only so many in the world! It was what the company Brazilba needed which Soros had a great deal of company stock. As soon as the rig went to Brazil Obama opened up the drilling again!

      Report Post » liberalsarealiens  
  • hagar
    Posted on October 3, 2011 at 5:08pm

    Why if that happened his king would lose income and Ghia would get upset

    Report Post »  
  • hagar
    Posted on October 3, 2011 at 5:07pm

    Why if this happened his king would lose a lot of income and Ghia would be pissed

    Report Post »  
  • karen162
    Posted on October 3, 2011 at 5:05pm

    Just curious….why is The Blaze the absolutely only website that crashes my computer daily? I’ve tried different browsers, I’ve tried everything. But it takes coming back here 5 or 6 times before it will quit crashing my computer. Come to think of it, Fox News Video section does the same thing. Hmmmm

    Report Post » karen162  
    • Walkabout
      Posted on October 3, 2011 at 5:23pm

      I don’t know. Maybe your operating system is corrupt?

      I know mine is. Windows seems to become more & more unstable over time. There is video & audio & can’t run because I have corrupted files.

      Report Post »  
  • Suzanne
    Posted on October 3, 2011 at 5:05pm

    We’ve been saying this for years…we have our own and there is no legitimate reason for us to be dependent on foreign oil nor the abuse of the thugs at opec. Obama of course is ‘unmoved’…he knows exactly what he’s doing, and becoming truly energy independent is not on the agenda…nor is rescuing our economy…he’s about total and Fundamental Transformation of America! What is it that these people don’t understand… that think they can reason with this anti-American, anti-capitalist traitor???

    Report Post » Suzanne  
    • JRook
      Posted on October 4, 2011 at 10:38am

      Perhaps you figure out the answer when you answer the question of why it did not occur under Bush and Cheney. Big oil would have to decide to dramatically increase the supply of oil and gas, regardless of where it originates……So why aren’t they doing it. 100s of unused drilling permits in the Gulf and US waters should tell us something.

      Report Post »  
  • karen162
    Posted on October 3, 2011 at 5:01pm

    Our oil that we absolutely refuse to drill for is what we put up for, “collateral” to China, Russia, and everyone else we owe money to. We have refused to drill for decades and blame the Environmentalists…There is no reason for the world to be lending us money with our debt unless we have collateral.

    Report Post » karen162  
  • V-MAN MACE
    Posted on October 3, 2011 at 4:58pm

    A little birdy told me that there’s some billions of gallons of oil under the Rockies…

    Report Post » V-MAN MACE  
  • Dustyluv
    Posted on October 3, 2011 at 4:58pm

    No it cannot! Too many horney toads and sand ameba would die! The enviromentalists would have every oil worker and executive put in prison.

    UNLESS WE DEFUND THE EPA we have no chance.

    Report Post »  
    • netmail
      Posted on October 3, 2011 at 5:04pm

      “Defunding the EPA” will DEFINITELY have to be part of the ‘legislation process’ next time or else nothing will change.

      Report Post »  
    • Walkabout
      Posted on October 3, 2011 at 5:28pm

      We can drink fracking water and yet the enviro-whackos tell us that it is the end of the world to use fracking techniques. I am not worried about the Ogallala aquifer. A pipe line will be many layers above the aquifer. Any spill would be cleaned up. If it spilled in a river I would still fish there 1 or 2 years after the spill & east the fish. Fracking happens many layers below the aquifer. the left is lying. AGAIN

      Report Post »  
    • mr.goodvibe
      Posted on October 3, 2011 at 8:31pm

      Enviromentalists are watermelons, green on the outside and commie red on the inside.

      Report Post » mr.goodvibe  
  • netmail
    Posted on October 3, 2011 at 4:56pm

    Let the ‘legislating’ begin in 2012 with a clean sweep.

    Report Post »  
    • CatB
      Posted on October 3, 2011 at 5:10pm

      Agree .. let’s take back America for Americans!

      TEA!

      Report Post »  
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